GRP to take up 51% stake in Malaysian property development firm

GRP Limited has agreed to take up a 51 per cent stake in Multiple Lodge Sdn Bhd (MLodge), a property development company in Malaysia, for RM510,000 or S$164,516.

A shareholders' agreement was entered into between GRP's indirect wholly owned subsidiary GRP Developments Sdn Bhd and four individuals who own the 51 per cent stake in MLodge on Tuesday, the group said.

MLodge had on Oct 9 executed a joint venture development agreement with landowner Karib Tropika Sdn Bhd to develop land spanning 19.35 acres in Ipoh, Malaysia into a mixed housing and commercial development.

The landowner's entitlement shall be 18 per cent of the gross development value on the units based on the sales launch price (less any deposit paid or to be paid by MLodge to the landowner) - to be paid through units of the development and any balance to be settled through cash.

MLodge's entitlement shall be the balance of gross development value of the buildings in the development.